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Economy hitting San Diego CUs
SAN DIEGO (4/20/09)--Credit unions have sidestepped the nation's economic turmoil by "sticking to their knitting of making mortgage, auto, consumer and some business loans at good rates to members," says a San Diego-based newspaper. But now, local credit unions are bracing for stiff winds. Of the 11 largest credit unions in San Diego, three made money in 2008, said the San Diego Union-Tribune (April 17). They were Mission Federal, Pacific Marine and San Diego County CUs. The stiff winds the credit union faces involve the impact of the conservatorship of U.S. Central FCU and Western Corporate FCU (WesCorp) and the assessments to shore up the National Credit Union Share Insurance Fund (NCUSIF) on credit unions in the area. The article noted that California credit unions in particular will be affected. Chris Collver, regulatory and legislative analyst with the California Credit Union League, told the newspaper that WesCorp has about 1,100 cedit union members, with a little less than 500 in California. He also pointed out that credit unions in California and nationwide have near historic levels of capital. The newspaper interviewed North Island Financial CU co-CEO Geri Dillingham and Kim Reedy, chief financial officer and co-CEO, about the assessments the credit union would face due to the corporate stabilization plan's impact on the National Credit Union Share Insurance Fund. Also interviewed was Mary Cunningham, CEO of USA FCU, who noted that without relief from Congress, the credit union would drop from well-capitalized to adequately capitalized because of the assessments to replenish NCUSIF. Marla Shepard, CEO of California Coast CU, noted in the article that her credit union lost $23.7 million last year--its first-ever loss--but it remains well-capitalized. Joseph Schroeder, CEO of San Diego Metropolitan CU, said he is managing growth to start rebuilding the credit union's capital ratio in "the most extraordinary financial event I've ever seen." For the full article, use the resource link.
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